Petrobras has been part of Brazil's emergence as an economic world power since it was created in 1953 to preside over the country's oil exploration and production. The state-owned company witnessed massive growth in the 1970s after the discovery of deepwater oilfields in the Campos Basin. less

Petrobras has been part of Brazil's emergence as an economic world power since it was created in 1953 to preside over the country's oil exploration and production. The state-owned company witnessed massive ... more

Photo: Ricardo Stuckert, AP

Petrobras has been part of Brazil's emergence as an economic... Photo-7278249.97237 - Houston Chronicle

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The corporation, which is the largest in South America and rivaled Exxon Mobil in size for a time, held on to that monopoly for almost 33 years. But in the 1990's, Brazil's economy was flailing, so the government moved to radically restructure the country's economy and open up several industries to privitization. President Fernando Henrique Cardoso deepend the privitization program, opening the oil industry and Petrobras to private competition. less

The corporation, which is the largest in South America and rivaled Exxon Mobil in size for a time, held on to that monopoly for almost 33 years. But in the 1990's, Brazil's economy was flailing, so the ... more

Photo: ERALDO PERES, AP

The corporation, which is the largest in South America and rivaled... Photo-7278250.97237 - Houston Chronicle

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Today the company is struggling against increased competition from prodcuers targeting U.S. shale plays. The company is also the subject of a corruption scandal in which former Petrobras executive Paulo Roberto Costa was arrested on money laundering charges and then told investigators that more than a dozen politicians were involved in an expansive kickback scheme for Petrobras contracts. less

Today the company is struggling against increased competition from prodcuers targeting U.S. shale plays. The company is also the subject of a corruption scandal in which former Petrobras executive Paulo Roberto ... more

Photo: Eric Kayne, For The Chronicle

Today the company is struggling against increased competition from... Photo-7278251.97237 - Houston Chronicle

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After oil was discovered in Mexico around 1900, Mexican producers faced foreign competition from mostly American companies. In 1917, Mexico changed its constitution to give the government property rights over its natural resources, and later, foreign companies on Mexican soil were given land titles lasting just 50 years. less

After oil was discovered in Mexico around 1900, Mexican producers faced foreign competition from mostly American companies. In 1917, Mexico changed its constitution to give the government property rights over ... more

In 1938, Mexican President Lazaro Cardenas moved to nationalize all oil resources and facilities after a strike by workers of foreign-owned oil companies. The United States and some European countries reacted by embargoing all imports of Mexican oil. However, American President Franklin D. Roosevelt lifted the embargo soon after in the face of the country's increasing need for oil during World War II. Mexico eventually paid foreign companies $24 million in compensation for nationalization. less

In 1938, Mexican President Lazaro Cardenas moved to nationalize all oil resources and facilities after a strike by workers of foreign-owned oil companies. The United States and some European countries reacted ... more

But nationalizing the industry led to Mexico losing the technical expertise that foreign companies brought to the countries oil fields. By the late 2000s, only a fraction of country had been explored for reserves. Increasingly, the Mexican government discovered that Petroleos Mexicanos, the nation's state-owned oil company, could not fully exploit the country's oil reserves on its own despite being one of the largest companies in the Western Hemisphere. less

But nationalizing the industry led to Mexico losing the technical expertise that foreign companies brought to the countries oil fields. By the late 2000s, only a fraction of country had been explored for ... more

Photo: Susana Gonzalez, Bloomberg

But nationalizing the industry led to Mexico losing the technical... Photo-7278254.97237 - Houston Chronicle

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In Aug. 2013, Mexican President Enrique Pena Nieto signed a bill opening the country's oil industry to foreign competition for the first time in 76 years into law.

In Aug. 2013, Mexican President Enrique Pena Nieto signed a bill opening the country's oil industry to foreign competition for the first time in 76 years into law.

Within a few months, Pemex had signed cooperation agreements to share technology with companies like Exxon Mobil and Italy's ENI.

Within a few months, Pemex had signed cooperation agreements to share technology with companies like Exxon Mobil and Italy's ENI.

Photo: Susana Gonzalez, Bloomberg

Within a few months, Pemex had signed cooperation agreements to... Photo-7278256.97237 - Houston Chronicle

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Taboola Gallery Frame Item-85307.97237 - Houston Chronicle

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The creation of a nationalized oil industry in Venezuela is also tied to the founding of the Organization of Petroleum Exporting Countries. In 1960, Venezuela, Saudi Arabia, Iran, Kuwait and Iraq met in Bagdhad to create the organization that would help the countries to control international oil prices. In the next decade, several of these countries moved to nationalize their oil assets. less

The creation of a nationalized oil industry in Venezuela is also tied to the founding of the Organization of Petroleum Exporting Countries. In 1960, Venezuela, Saudi Arabia, Iran, Kuwait and Iraq met in Bagdhad ... more

Photo: ALEXANDER KLEIN, AFP/Getty Images

The creation of a nationalized oil industry in Venezuela is also... Photo-7278257.97237 - Houston Chronicle

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In 1971, President Rafael Caldera (right, pictured with then president-elect Hugo Chavez) signed the bill that allowed for the nationalization of the country's natural gas industry. By 1976, Venezuela created the state-owned Petroleos de Venezuela S.A. and seized the assets of foreign oil companies in the country. less

In 1971, President Rafael Caldera (right, pictured with then president-elect Hugo Chavez) signed the bill that allowed for the nationalization of the country's natural gas industry. By 1976, Venezuela created ... more

An oil strike in Venezuela in December 2002 led to a spike in interational oil prices. Tensions between Chavez and PDVSA arose when the president tried to institute revenue quotas, like requiring the company to invest 10 percent of its budget in social programs. Chavez referred to the program of revenue redistribution and tax reform as a "re-nationalization." less

An oil strike in Venezuela in December 2002 led to a spike in interational oil prices. Tensions between Chavez and PDVSA arose when the president tried to institute revenue quotas, like requiring the company to ... more

Photo: Fernando Llano, Associated Press

An oil strike in Venezuela in December 2002 led to a spike in... Photo-7278260.97237 - Houston Chronicle

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Taboola Gallery Frame Item-85307.97237 - Houston Chronicle

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Amid a glut of oil pouring out of the United States starting in 2009, Venezuela's oil industry has struggled as the price of oil has dropped. In October, the country scrapped a plan to sell its U.S. refining arm, Citgo Petroleum Corp., as its profit margins have plummeted. less

Amid a glut of oil pouring out of the United States starting in 2009, Venezuela's oil industry has struggled as the price of oil has dropped. In October, the country scrapped a plan to sell its U.S. refining ... more

Photo: Mark Humphrey, AP

Amid a glut of oil pouring out of the United States starting in... Photo-7278261.97237 - Houston Chronicle

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In 2006, Bolivia's newly elected president, Evo Morales, used the military to seize oil and gas fields around the country, motivated by a nationalist movement that was spurred by skyrocketing gas prices.

In 2006, Bolivia's newly elected president, Evo Morales, used the military to seize oil and gas fields around the country, motivated by a nationalist movement that was spurred by skyrocketing gas prices.

In 1949, President Juan Perón singed a bill granting control to YPF over all of Argentina's oil industry. But turmoil in the inudstry over the next decade led to the revocation of that bill 1956, then a renationalization by 1958. less

In 1949, President Juan Perón singed a bill granting control to YPF over all of Argentina's oil industry. But turmoil in the inudstry over the next decade led to the revocation of that bill 1956, then a ... more

In 1993, YPF was privatized and sold to Spainish oil company Repsol. But in 2012, President Cristina Fernández de Kirchner introduced a bill that would partly renationalize the company, transferring a 51 percent majority ownership to the government. less

In 1993, YPF was privatized and sold to Spainish oil company Repsol. But in 2012, President Cristina Fernández de Kirchner introduced a bill that would partly renationalize the company, transferring a 51 ... more

Photo: JOSE ROMERO, AFP/Getty Images

In 1993, YPF was privatized and sold to Spainish oil company... Photo-7278265.97237 - Houston Chronicle